The billion-dollar ecosystem Terra-LUNA collapse in May 2022 may have been the greatest cryptocurrency meltdown in the industry’s history.
The value of LUNA, Terra’s native token meant to support the price of UST, the largest algorithmic stablecoin in the world, also almost reached zero in a single week. Before the crisis, two of the top 10 cryptocurrencies were UST and LUNA.
Do Kwon, the creator of Terra, presented Terra Ecosystem Revival Plan 2 after the ecosystem crashed. On May 28, 2022, the brand-new Terra blockchain came online. The prior blockchain, referred to as “Terra Classic,” is still operational. Recently, LUNC has been experiencing a spike in its price, thanks to the v22 upgrade.
If you have LUNC resting in your wallet, you can stake them to earn passive income. Here’s how.
How to stake LUNC?
After the V22 update, around 6 billion LUNC tokens were staked. If you are looking to stake your LUNC, follow the steps mentioned below:
- Go to Terra Station.
- Connect your Terra wallet by clicking on the “Connect” button on the right side of the website.
- Choose any one of the several validators mentioned on the stake page.
- Once you have chosen your validator, click on “Delegate” to continue.
- Type the number of LUNC that you would like to stake.
- Confirm the transaction by clicking on the submit button.
It is also advised by some that it is more secure and better to stake LUNC by delegating it to smaller validators. The new V22 upgrade of LUNC allows users to get a portion of what they lost in the May crash. The crash was one of the worst as millions of users lost their life savings in a span of a few days.
It is a debatable question as to whether LUNA will come back to its old form in full power. I think the community should wait and watch for that.